The United States will take part in Poland's plan to buy back a large chunk of its $16 billion in Communist-era debt
Published:
24 March 2005 y., Thursday
The United States will take part in Poland's plan to buy back a large chunk of its $16 billion in Communist-era debt, a U.S. Treasury undersecretary said Wednesday. Poland reached a deal with the Paris Club — an informal group of sovereign creditors — last month to repurchase most of its debt at par value. Club member states now must decide whether to participate in the plan in which Poland will buy back its debt with cash and bonds.
Poland has said it hopes to release a list of countries that have accepted the plan before the end of the month. Out of the Paris Club's 19 members, all but three hold Communist-era debt owed by Poland.
John Taylor, Treasury Undersecretary for International Affairs, said a similar buyback proposal from Russia needs more work.
So far, Russia has made little headway on its effort to buy back $45 billion of sovereign debt as creditors continue to contemplate how much future interest payment they should forgive. With the buyback, Poland hopes to save on the high, often fixed-interest rates it pays on the debt. The proposal is attractive for some creditors, such as Germany, which are grappling with a bulging budget deficit and would have an immediate use for cash from Poland.
Šaltinis:
story.news.yahoo.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »